Sonora Investment Management Group LLC Increases Stake in Chevron Co. (NYSE:CVX)

Sonora Investment Management Group LLC boosted its position in shares of Chevron Co. (NYSE:CVX - Free Report) by 5.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,400 shares of the oil and gas company's stock after purchasing an additional 4,257 shares during the period. Sonora Investment Management Group LLC's holdings in Chevron were worth $14,621,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Chevron by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 36,269,270 shares of the oil and gas company's stock worth $5,247,142,000 after buying an additional 392,916 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Chevron by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 31,855,566 shares of the oil and gas company's stock worth $4,613,960,000 after acquiring an additional 746,806 shares during the period. Norges Bank acquired a new position in shares of Chevron in the fourth quarter valued at approximately $3,017,750,000. Northern Trust Corp increased its stake in shares of Chevron by 7.3% during the fourth quarter. Northern Trust Corp now owns 20,471,800 shares of the oil and gas company's stock worth $2,965,135,000 after purchasing an additional 1,394,091 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Chevron by 2.1% during the 4th quarter. Fisher Asset Management LLC now owns 19,892,848 shares of the oil and gas company's stock worth $2,881,280,000 after purchasing an additional 410,460 shares during the last quarter. Institutional investors and hedge funds own 72.42% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Piper Sandler lowered their target price on shares of Chevron from $173.00 to $162.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. TD Cowen decreased their price target on Chevron from $155.00 to $150.00 and set a "hold" rating on the stock in a research report on Monday, May 5th. HSBC downgraded Chevron from a "buy" rating to a "hold" rating and dropped their price target for the company from $176.00 to $158.00 in a research note on Tuesday, May 13th. Redburn Atlantic reissued a "sell" rating and issued a $124.00 target price (down from $156.00) on shares of Chevron in a report on Wednesday, April 23rd. Finally, Barclays downgraded shares of Chevron from an "overweight" rating to an "equal weight" rating and cut their price target for the stock from $171.00 to $152.00 in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $160.24.

Chevron Trading Up 1.0%

Chevron stock traded up $1.48 during trading hours on Wednesday, reaching $144.83. 9,247,196 shares of the company's stock were exchanged, compared to its average volume of 8,154,718. The firm has a market capitalization of $252.93 billion, a PE ratio of 14.90, a PEG ratio of 1.46 and a beta of 0.83. The company has a quick ratio of 0.80, a current ratio of 1.07 and a debt-to-equity ratio of 0.13. The firm's 50 day simple moving average is $138.21 and its 200 day simple moving average is $149.46. Chevron Co. has a twelve month low of $132.04 and a twelve month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last posted its quarterly earnings results on Friday, May 2nd. The oil and gas company reported $2.18 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.03. Chevron had a net margin of 8.71% and a return on equity of 11.44%. The firm had revenue of $47.61 billion during the quarter, compared to the consensus estimate of $49.05 billion. During the same period in the previous year, the firm posted $2.93 earnings per share. The business's revenue was down 2.3% compared to the same quarter last year. Research analysts predict that Chevron Co. will post 10.79 earnings per share for the current year.

Chevron Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 19th were given a dividend of $1.71 per share. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.72%. The ex-dividend date was Monday, May 19th. Chevron's payout ratio is 78.17%.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.